Use of Cost Benefit Analysis to demonstrate the economic case for investing £650,000 in falls prevention in Salford
PHE ePoster Library. Fryer B.
Sep 12, 2017; 186556
Ben Fryer
Ben Fryer
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Abstract
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Abstract IntroductionSalford, Greater Manchester has the second highest rate of emergency admissions to hospital as a result of falls in the country. A project is taking place to redesign the falls pathway to follow best practice and scale-up provision of interventions to prevent falls. An investment case, supported by a detailed cost-benefit analysis, was required to attract £1 million of transformation funding to fund the project.MethodThe cost-benefit analysis was developed using a free Excel template developed locally by New Economy Manchester. Benefits were derived from the published literature - in particular the Cochrane Review by Gillespie et al, with costs calculated from the investment proposal. Estimated benefits included cashable fiscal savings - such as reductions in medication expenditure, demand reductions such as lower A&E attendances and emergency admissions, and patient benefits (public value) calculated using Quality of Life decrements avoided.ResultsThe CBA showed that the project would generate a positive financial return on investment if considered over a period of at least five years. For each pound invested over five years, £1.06 of fiscal return would be generated for the partners, as well as a further £6.33 of public value, primarily generated through the reduction in social isolation, generated by falls and the fear of falling. This supported a decision to fund the project in full.ConclusionCBA is a useful approach to demonstrating the financial case for investment, but its application is highly subjective and depends heavily on the quality of evidence available to support an intervention.
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